AZTEC MINERALS CORP. AZTEC MINERALS CORP.
Third Quarter Report
Condensed Consolidated Interim Financial Statements
(stated in Canadian dollars)
Three and Nine Months ended September 30, 2021
(Unaudited - Prepared by Management)
Notice of No Auditor Review of
Unaudited Condensed Consolidated Interim Financial Statements
For the Three and Nine Months Ended September 30, 2021
In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these unaudited condensed consolidated interim financial statements, they must be accompanied by a notice indicating that the unaudited condensed consolidated interim financial statements have not been reviewed by an auditor.
The accompanying unaudited condensed consolidated interim financial statements of Aztec Minerals Corp. (the "Company") for the three and nine months ended September 30, 2021 (the "Financial Statements") have been prepared by and are the responsibility of the Company's management, and have not been reviewed by the Company's auditors. The Financial Statements are stated in Canadian dollars, unless otherwise indicated, and are prepared in accordance with International Accounting Standards 34 ("IAS 34") and International Financial Reporting Standards ("IFRS").
AZTEC MINERALS CORP.
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Financial Position (Unaudited - Prepared by Management)
(Stated in Canadian dollars)
September 30, | December 31, | ||||
Notes | 2021 | 2020 | |||
ASSETS | |||||
Current Assets | |||||
Cash | $ | 845,694 | $ | 1,919,485 | |
Receivables and prepaids | 197,516 | 211,199 | |||
Total Current Assets | 1,043,210 | 2,130,684 | |||
Non-Current Assets | |||||
Mineral property interests | 6, 9(b), 11 | 5,312,582 | 3,976,535 | ||
Equipment | 7 | 3,624 | 3,610 | ||
Total Non-Current Assets | 5,316,206 | 3,980,145 | |||
Total Assets | $ | 6,359,416 | $ | 6,110,829 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current Liabilities | |||||
Accounts payable and accrued liabilities | 11 | $ | 216,219 | $ | 147,382 |
Shareholders' Equity | |||||
Share capital | 9(b) | 10,324,601 | 9,388,293 | ||
Reserve for share-based payments | 1,495,601 | 1,281,139 | |||
Deficit | (6,738,494) | (5,660,832) | |||
Non-controlling interest | 6(a) | 1,061,489 | 954,847 | ||
Total Shareholders' Equity | 6,143,197 | 5,963,447 | |||
Total Liabilities and Shareholders' Equity | $ | 6,359,416 | $ | 6,110,829 | |
Refer to the accompanying notes to the condensed consolidated interim financial statements.
Approved on behalf of the Board:
/s/ | Bradford Cooke | /s/ | Patricio Varas | |
Director | Director |
AZTEC MINERALS CORP.
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Comprehensive Loss (Unaudited - Prepared by Management)
(Stated in Canadian dollars)
Three Months ended September 30, | Nine Months ended September 30, | ||||||||
Notes | 2021 | 2020 | 2021 | 2020 | |||||
Expenses: | |||||||||
Accounting and audit | $ | 15,167 | $ | (705) | $ | 23,252 | $ | 4,272 | |
Amortization | 7 | 449 | 831 | 1,293 | 2,493 | ||||
Employee and director remuneration | 11 | 91,926 | 51,390 | 320,323 | 139,745 | ||||
Legal | 2,251 | 1,715 | 5,872 | 12,996 | |||||
Office and sundry | 10, 11 | 32,104 | 22,941 | 84,685 | 60,583 | ||||
Project evaluation | 10, 11 | 1,321 | 7,547 | 6,464 | 25,617 | ||||
Regulatory | 31,802 | 15,012 | 69,506 | 44,275 | |||||
Shareholder relations | 98,768 | 375,257 | 235,951 | 459,025 | |||||
Share-based payments | 9(c), 11 | 89,653 | 178,501 | 314,792 | 196,971 | ||||
Loss before the undernoted | (363,441) | (652,489) | (1,062,138) | (945,977) | |||||
Interest income | 254 | 324 | 1,322 | 324 | |||||
Interest and finance charges | 8 | - | 1,744 | - | (67,954) | ||||
Foreign exchange (loss) gain | (2,516) | 2,536 | (23,446) | (18,389) | |||||
Net loss before non-controlling interest | (365,703) | (647,885) | (1,084,262) | (1,031,996) | |||||
Non-controlling interest | 1,168 | - | 696 | - | |||||
Net loss and comprehensive loss for the period | $ | (364,535) | $ | (647,885) | $ | (1,083,566) | $ | (1,031,996) | |
Basic and diluted loss per share | $ | (0.01) | $ | (0.01) | $ | (0.02) | $ | (0.02) | |
Weighted average number of common shares outstanding | 59,698,070 | 58,823,343 | 57,722,468 | 41,571,578 | |||||
Refer to the accompanying notes to the condensed consolidated interim financial statements.
AZTEC MINERALS CORP.
(An Exploration Stage Company)
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Unaudited - Prepared by Management) (Stated in Canadian dollars)
Share Capital | Reserve for | |||||||||||
Number of | Share-Based | Non-Controlling | ||||||||||
Notes | Shares | Amount | Payments | Deficit | Interest | Total | ||||||
Balance, December 31, 2019 | 32,691,016 | $ | 5,239,750 | $ | 798,720 | $ | (3,090,183) | $ | - | $ | 2,948,287 | |
Private placement | 9(b)(ii) | 18,258,847 | 3,477,654 | - | - | - | 3,477,654 | |||||
Share issue expenses | - | (160,432) | - | - | - | (160,432) | ||||||
Property acquisition | 9(b)(ii) | 300,000 | 15,000 | - | - | - | 15,000 | |||||
Exercise of stock options | 150,000 | 25,237 | (9,487) | - | - | 15,750 | ||||||
Exercise of warrants | 4,371,250 | 864,813 | (27,000) | - | - | 837,813 | ||||||
Fair value of finders fee warrants | 9(d) | - | (73,729) | 73,729 | - | - | - | |||||
Expiration of stock options | 9(c) | - | - | (658) | 658 | - | - | |||||
Share-based payments | - | - | 445,835 | - | - | 445,835 | ||||||
Adjustment on disposition of controlled | 6(a) | - | - | - | (947,547) | 954,847 | 7,300 | |||||
subsidiary | ||||||||||||
Net loss for the year | - | - | - | (1,623,760) | - | (1,623,760) | ||||||
Balance, December 31, 2020 | 55,771,113 | 9,388,293 | 1,281,139 | (5,660,832) | 954,847 | $ | 5,963,447 | |||||
Share issue expenses | - | (3,622) | - | - | - | (3,622) | ||||||
Property acquisition | 9(b)(i) | 600,000 | 201,000 | - | - | - | 201,000 | |||||
Exercise of stock options | 160,000 | 29,530 | (10,330) | - | - | 19,200 | ||||||
Exercise of warrants | 3,180,000 | 709,400 | (83,400) | - | - | 626,000 | ||||||
Expiration of warrants | - | - | (6,600) | 6,600 | - | - | ||||||
Share-based payments | - | - | 314,792 | - | - | 314,792 | ||||||
Cash contribution by non controlling interest | 6(a) | - | - | - | - | 105,946 | 105,946 | |||||
Net loss for the period | - | - | - | (1,084,262) | 696 | (1,083,566) | ||||||
Balance, September 30, 2021 | 59,711,113 | $ | 10,324,601 | $ | 1,495,601 | $ | (6,738,494) | $ | 1,061,489 | $ | 6,143,197 | |
Balance, December 31, 2019 | 32,691,016 | $ | 5,239,750 | $ | 798,720 | $ | (3,090,183) | $ | - | $ | 2,948,287 | |
Private placement | 18,258,847 | 3,477,654 | - | - | - | 3,477,654 | ||||||
Private placement subscription | - | - | - | - | - | - | ||||||
Share issue expenses | - | (225,657) | 73,729 | - | - | (151,928) | ||||||
Property acquisition | 9(b)(ii) | 300,000 | 15,000 | - | - | - | 15,000 | |||||
Exercise of warrants | 2,285,000 | 358,250 | (27,000) | - | - | 331,250 | ||||||
Exercise of warrants | 150,000 | 64,966 | (49,216) | - | - | 15,750 | ||||||
Fair value of loan bonus warrants | - | - | 66,770 | - | - | 66,770 | ||||||
Expiration of stock options | - | - | (3,393) | 3,393 | - | - | ||||||
Share-based payments | - | - | 196,971 | - | - | 196,971 | ||||||
Net loss for the period | - | - | - | (1,031,996) | - | (1,031,996) | ||||||
Balance, September 30, 2020 | 53,684,863 | $ | 8,929,963 | $ | 1,056,581 | $ | (4,118,786) | $ | - | $ | 5,867,758 | |
Refer to the accompanying notes to the condensed consolidated interim financial statements.
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Aztec Minerals Corp. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 22:50:06 UTC.
